Now two companies denying they are interested in buying FWLT - I say where there's smoke, there's fire - and of course they're not going to admit anything until somebody make the first offer in public, they're both trying to avoid a bidding war.
With ~ 98M fully diluted shares, yeah, up to $80/shr, but I don't think it's worth anything close to that. Besides, the PR says "up to $8B":
"The comments come after the London Times reported Tuesday evening that Amec has hired Goldman Sachs (GS) to advise it on a potential acquisition of Foster Wheeler worth up to 5 billion pounds, or $8.15 billion."
It was around $68/shr when they did the 2008 2:1 reverse split, has been floating around $30 ever since, while FLR has almost doubled since then. Hey, I'd be thrilled to get $80/shr, but doubt AMEC would be willing to pay a 250% premium, especially given the asbestos overhang. I think $50 range is more likely, maybe $60 tops, unless a bidding war breaks out. Will make up for me selling FLR at $45 in late 2009 and holding FWLT - should have done the reverse!
$15 was my private guess at a BO price too - assuming the pps doesn't run up into the PDUFA or "official" rumors start flying about online about a BO. Figure 50% min premium to the pps when PA gets approval.
Plachetka and all the other execs are near 60 yrs old, close to retirement - you really think they wouldn't like to retire early or move on to new jobs after all these years? Sanofi buys them out in 12-18 months, mark my words - the longer they wait, the more they'll have to pay - but private equity works for me too, don't care who buys them. And all of management's options will fully vest in the deal, making them very, very rich men - of course they'll say "Sure!".
My crystal ball is on the fritz, can't guesstimate a BO premium - too much depends on where the pps is after PDUFA, how well PA sells etc. But now that the plate is clear with Treximet and Vimovo sold off, there's nothing left but a shell company licensing PA to Sanofi - the sale of Vivomo just confirms my previous belief that POZN is headed for a BO, as I mentioned in the comments to a couple SA articles published the last two weeks. I am so convinced now that I put a big red warning note in my spreadsheets "DO NOT SELL POZN STOCK!!" - I had been planning to sell some after getting back to breakeven, but not now.
POZN will not exist as a company to simply distribute dividends to shareholders, makes no sense. We may get a special div after approval in Feb, but I expect Sanofi to buy the company is PA sells well - no reason for them to pay royalties when they could own the franchise entirely for peanuts (to them). No pipeline, zippy. POZN is setting itself up to be sold.
TDA has been dragging their feet on DRIP'ing my divs, but this takes the cake - Now 12 days past payable date, and still nothing in my account!?! Anyone with TDA get either the cash or new shares yet? They blamed the org. running the DRIP the last time I called to complain - somebody is making money off of withholding the payouts and it stinks!
Just poking my head in here a minute, had SRPT on a watchlist, but hadn't bought any - you folks have just been "AMRN'd" by the FDA - but IMO AMRN got screwed way, way worse, SPA was rescinded, unbelievably, because of the same reason SRPT got this bad news: FDA is apparently saying improving biomarkers for risk or disease isn't enough for NDAs, and it again used the failure of different drugs to say "your drug likely won't work either", despite different MOAs. The path they a currently on will destroy all innovative smallcap biotechs.
"You KNOW that this is about recognition that Tessera was worth more in little pieces than the stock price when the fight heated up, and both sides thinking that they could give small holders enough to keep us quiet "
They don't give a rat's patootie about us retailers - 'tutes own 95% of the float.
Adumb, I assume? He is totally clueless about the massive market for the PA franchise, guess Krammer is telling him to bash POZN for his butt buddies. Didn't like the news from the CC that AZn is giving up on Vivimo though:
"On May 3, 2013, AstraZeneca informed POZEN that it will focus its future promotional efforts for VIMOVO in specific markets where AstraZeneca feels sufficient future potential can be realized. By the end of third quarter of this year, AstraZeneca will continue to make available, but plans to cease promotion of VIMOVO in certain countries, including the U.S. and in Europe, with the exception of Spain and Portugal, due to existing contractual arrangements with third parties. For the remaining countries where VIMOVO is on the market, which accounted for 47% of sales in Q1, promotion will continue. Decisions to launch in new countries will be made by AstraZeneca on a case-by-case basis. We are unsure, at this point, of the impact on our future revenue from this change in strategy, however, we will update investors when we have greater clarity. "
But if they can keep the burn rate around $7M per Q while waiting on the FDA decision on PA's, with $80M in the bank they should have plenty of money to keep the lights on.
Tessera Gratified That Starboard Admits Direct Conflict of Interest
Starboard's phoney BOD slate exposed:
Starboard Reveals Details of its Plan to Convert Tessera into a “Patent Troll”
Tessera’s Plan Is Superior, Already Being Executed and Showing Progress
SAN JOSE, Calif.--(BUSINESS WIRE)--
Tessera Technologies, Inc. (TSRA) ("Tessera" or the "Company") today issued a statement in response to Starboard Value LP’s (“Starboard”) open letter to Tessera stockholders in connection with the Company’s 2013 Annual Meeting scheduled on May 23, 2013. The Company urges stockholders to not be misled by Starboard’s misinformation campaign and to vote FOR the Tessera nominees on the GOLD card in order to protect the value of their investment.
“We are gratified that Starboard has finally admitted in today’s letter that Unwired Planet (“UPIP”), whose board is led by Starboard nominee Peter Feld, is a direct competitor of Tessera’s,” said Richard S. Hill, interim CEO and executive chairman of Tessera. “Tessera’s Board strongly believes that this conflict of interest disqualifies Mr. Feld as a potential director of the Company. Mr. Feld is clearly grasping at straws with his endless misguided rhetoric on matters that have been addressed already and frankly don’t merit further comment. However, Starboard’s letter does make clear that – should it take control of the Tessera Board – Starboard intends to convert Tessera into a ‘patent troll’ in the model of UPIP. Mr. Feld’s abysmal track record as Chairman of UPIP should cause grave concern among Tessera’s stockholders about this strategy. Since Mr. Feld became chairman of UPIP, its revenues have plummeted to almost nothing, and the stock has significantly underperformed both its peer group and the broader market. We strongly believe that converting Tessera to the UPIP business model – as Starboard’s letter has made clear its intention – would destroy value for Tessera stockholders.
Anyone planning on sending in their proxy vote ballot? Got mine the other day, but with 95% of the stock in the hands ot 'tutes retailer's voices and votes will make zero difference. Only about 1/2 of the top ten holders have updated their SEC filings, wonder how the top 3 holders at AMICI CAPITAL, SEIZERT CAPITAL PARTNERS, LLC , and FRONTIER CAPITAL MANAGEMENT CO LLC feel about Starboard's proposal/hostile takeover of the BOD?
"Moreover, we believe that Starboard's fundamental lack of knowledge of the IP business is a reason why Unwired Planet, whose board is led by Starboard's Mr. Feld, has seen its revenues decline rapidly to such anemic levels. Your vote will help determine whether Tessera will meet the same dismal fate as Unwired Planet. "
Unwired Planet = UPIP: http://finance.yahoo.com/q/ks?s=UPIP+Key+Statistics
Profit Margin (ttm): N/A
Operating Margin (ttm): -97,253.34%
Return on Assets (ttm): -20.64%
Return on Equity (ttm): -70.29%
Revenue (ttm): 30.00K
Revenue Per Share (ttm): 0.00
And this buffoon thinks he can run TSRA better than the current buffoons?!?
Just caught word of an Israeli commando raid on an "aid flotilla" sending who knows what from Turkey to Hamas in Gaza, they killed 9 people and captured the rest.
The Turks are going nuts, and Turkey is in a critical position in the Middle East as far as supporting the troops in that region, the US has flyover rights and bases in Turkey.
This could end very badly...in any case, expect a huge market reaction tomorrow.....especially for global infrastructure stocks like FWLT....
Like Kramer sez "YOU KNOW NOTHING!!!". Stupid short. You have to be below $1 for 30 consecutive days to be delisted.
Unless you show me proof that they are late with filings or some other offense that would get them kicked off, you're just trying to scare the longs.
Oooo...lookout, you may be lobbying for the "idiot instant gratification award" too! ;-)
<ex-hacker here, Yahoo has seen fit to block me from posting under my normal account>
Cookie problem? I know I had this happen before, it sucks....keep getting this "message has already been posted, please wait a few minutes" blurb...rebooted, cleared cache/cookies, still no go....